However, given the price points in NYC, I am looking to southern CT so that I can start small for my first project.

I selected Lewiston for the post as I didn't see an Augusta option, but I do work all over the state.It was my family's property management business that brought me to Maine and sparked my interest in and passion for helping investors achieve their goals. 

Permitted or not, you want 100% assurance the property is within building code standards for the year it was built, and for any upgrades/ changes - the years those upgrades were made; ie GFICs in wet areas currently, but not required in original construction back in 1950 when they didn't exist.sorry for not replying earlier, I'm rarely on this platformbest of luck on the project

Sounds like an interesting project but I am sure there is more to the story.

Is it only the duplex that you were projecting to live in for one year or either one for one year? 

Here is an example with some figures:My LLC total investment = $204,000Partner LLC total investment = $196,000Value of project when complete = $500,000Each LLC value afterwards = $255,000 / $249,000The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)Partner LLC payout = $249,000My LLC payout = $51,000In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name? 

To start your journey, I recommend focusing on building your network by joining meetups and engaging in online forums, while narrowing down your first investment based on your budget, market, and goals.

You can also hold money for maintenance, capex, taxes, insurance, or other projected expenses.

Outline a clear exit strategy to meet your long-term goal of retaining the property for cash flow.Work with a CPA to ensure tax efficiency, particularly around depreciation, capital gains, and partnership income.

Whether it’s reconfiguring layouts, adding square footage, or converting single-family homes into multi-unit rentals, the goal is to unlock value where others don’t see it.Distressed properties aren’t for everyone, but for those willing to put in the work, they offer some of the best returns in real estate.